Press release
Global Automotive Magnet Wire Market Projected to Surpass $6.6 Billion by 2029 with 5.7% Annual Growth
Automotive Magnet Wire
The automotive magnet wire industry is predicted to undergo significant growth due to the increasing prevalence of electric vehicles. An electric vehicle (EV) - which operates on rechargeable batteries rather than petrol or diesel, generates no exhaust emissions, and can be charged with renewable energy sources like solar or wind power - is becoming a more eco-friendly mode of transport as the demand for sustainable transportation increases. Factors contributing to the surge in electric vehicle sales include lower maintenance costs, zero tailpipe emissions, enticing incentives, and the convenience of home charging. Automotive magnet wire plays a crucial role in the efficient, dependable, and long-lasting functionality of electric vehicle motors, significantly enhancing EVs' overall performance and attractiveness. For instance, a report by the France-based independent intergovernmental entity, International Energy Agency, mentioned that around 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold across the globe in 2022, representing around 4.5% of total bus sales and 1.2% of worldwide truck sales. Additionally, the electric trucks' market share in China escalated from 1.5% in 2021 to 3.9% in 2022, showing a noticeable increase within a span of a year. Consequently, the escalating prevalence and proliferation of electric vehicles are driving the growth of the automotive magnet wire market.
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What Is the projected market size and growth rate for the automotive magnet wire market?
The market size of automotive magnet wire has expanded significantly in the recent past. Its estimated value is expected to escalate from $4.98 billion in 2024 to $5.29 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.1%. The industry's success during the historic period indicates increased demand for electric vehicles, intensifying use of magnet wire in motors, advancements in living standards and urbanization, growth in demand within industrial and transportation sectors, and an increased need for efficient traction motors.
Significant growth is anticipated in the automotive magnet wire market in the coming few years, with an expected growth to $6.6 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 5.7%. This growth prediction for the forecast period can be due to several factors, such as the increasing shift towards renewable energy, higher usage of magnet wires in home appliances, increased consumption of electrical and electronic items, the many advantages offered by magnet wire, and the ability to withstand higher temperatures. Prominent upcoming trends for the forecast period consist of a shift towards smaller, more efficient electronic devices, technological progressions, development in thin insulation technologies, advancements in car electronics, and innovative breakthroughs in magnet wire materials.
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What new trends are reshaping the automotive magnet wire market and its opportunities?
Leading entities in the automotive magnet wire industry are focusing on creating unique offerings such as ket*one (PEEK) extrusion compounds specifically engineered for copper magnet wire insulation within electric motors. This is done to enhance thermal efficiency, boost electrical insulation performance, and improve endurance in highly stressful environments. ket*one (PEEK) extrusion compound is a top-tier thermoplastic substance recognized for its extraordinary mechanical characteristics, resilience to chemicals, and excellent heat stability. For example, in May 2023, Solvay, a firm based in Belgium that specializes in polymer production, introduced KetaSpire KT-857, a fresh PEEK extrusion compound explicitly tailored for copper magnet wire insulation in electric motors. This innovative magnet wire PEEK insulation element provides superior adherence to the copper magnet wire, effectively overcoming the hurdles encountered by conventional PEEK extrusion techniques.
What major market segments define the scope and growth of the automotive magnet wire market?
The automotive magnet wire market covered in this report is segmented -
1) By Type: Copper Wire, Aluminum Wire
2) By Material: Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI), Polyether Ether ket*one (PEEK)
3) By Application: Motor, Starter Motor, Braking, Alternators, Stability Control, Windows, Door Lock, Seating, Other Applications
4) By End User: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle
Subsegments:
1) By Copper Wire: Enameled Copper Wire, Bare Copper Wire, Copper Clad Aluminum Magnet Wire, High-Temperature Copper Magnet Wire, Copper Magnet Wire For Electric Motors
2) By Aluminum Wire: Enameled Aluminum Wire, Bare Aluminum Wire, Aluminum Clad Copper Magnet Wire, High-Temperature Aluminum Magnet Wire, Aluminum Magnet Wire For Electric Vehicles (Evs)
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Which region dominates the automotive magnet wire market?
Asia-Pacific was the largest region in the automotive magnet wire Market in 2023. The regions covered in the automotive magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the automotive magnet wire industry growth?
Major companies operating in the automotive magnet wire market are Hitachi Ltd., Magna International Inc., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superior Essex Inc., Roshow Technology Co. Ltd., Elektrisola Dr. Gerd Schildbach GmbH&Co.KG, Dahren Group, Von Roll, Rea Magnet Wire Company Inc., Furukawa Electric Co. Ltd., Ningbo jintian copper(group) Co. Ltd., Sam Dong, Condumex S.A. De C.V., Radix Wire & Cable, Jingda (Jingzhou) Automotive Co. Ltd., Taihan Cable & Solution Co. Ltd., LWW Group, Magnekon SA de CV, LS Cable & System, City Chase Inc., Synflex Elektro GmbH
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What Is Covered In The Automotive Magnet Wire Global Market Report?
•Market Size Forecast: Examine the automotive magnet wire market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive magnet wire market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive magnet wire market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive magnet wire market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive magnet wire market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive magnet wire market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive magnet wire market.
•Competitive Landscape: Review strategic developments in the automotive magnet wire market, including expansions, agreements, and new product launches.
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